Connecting the Lease Enterprise through Lease Management Software

Author: Madhu Natarajan, CEO Odessa Technologies

Author: Madhu Natarajan, CEO Odessa Technologies, Inc.
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As the lease becomes a service rather than just a financial product, the back-end software managing it can no longer be a repository of disjointed data -- it must actively connect the disparate parties of the lease process.

Information Technology has improved the leasing process, parts at a time. Every company has evolved some manner of maintaining customer information. Accounting software has kept the back-end humming. The sales force has devised methods for maintaining customers and then bridging them with funding sources. The vendor is contacted when an order needs filling. Further down the chain, the collections process is managed independently. And, the savvy leasing business has found ways of retaining customers to keep the process alive.

Limitations of the traditional Lease Management Software

But the permeation of technology has been sporadic, at best. Thus far, the existent lease management software have spot lighted sections of the leasing process, affecting each uniquely, independently and in isolation from the whole lease operation.

This has forced companies to tie together the disparate sections of the lease process manually, without using any lease management software. Inevitably, intervening to help one part of the business communicate with another without a technical platform such as lease management software to collaborate both parts creates inefficiencies. While financial data would help the sales-force negotiate with repeat customers, the sales-force may not be privy to the relevant information easily devoid of innovative leasing software. The lessee may be offered an online lease application, but a potential funding source is not intimated of the new request until much later. Unfortunately, the disjointed nature of traditional technology necessitates physical intervention almost every time one link of the lease chain needs to be connected with another.